Overview: The Accounting Cycle: Closing Entries

Overview:  The Accounting Cycle:  Closing Entries

The purpose of this Module is to help you learn the final step of the full accounting cycle which is to "close the books".  In this final step, you will learn how to identify which accounts need to be closed (i.e. all temporary accounts), analyze how to record the closing entries, record them, post them to the general ledger, and prepare the post-closing trial balance so that the company is ready to start a new year.

In addition, I have included topics on special journals and subsidiary ledgers, as well as a topic on how to identify, and resolve, accounting errors discovered in the trial balances.

To Complete This Module

To complete this module, you will need to study all of the content pages and successfully complete the related topic and module quizzes. To successfully complete quizzes you need to achieve a score of at least 4 out of 5 for topical quizzes and achieve a score of at least 8 out of 10 for the module quiz. You may take and re-take quizzes as many times as necessary to master the material and get your passing score.

To track which content pages you have viewed and which quizzes you have successfully completed, click the "Modules" link on the course menu on the left.  A green check mark will appear to the left of each “Study” page that you have viewed and by each “Quiz” that you have successfully completed in the module. 

I anticipate that this module will take about 2 hours to complete.